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Banking and Financial Awareness GK Digest: May 2023

Published on Tuesday, June 06, 2023
Banking and Financial Awareness GK Digest: May 2023

NPCI International Payments partners with PPRO to expand reach of RuPay and UPI

Current Context: NPCI International Payments Limited (NIPL) and PPRO, a global digital payments infrastructure provider.

Details

  • This partnership will allow global payment service providers, banks, payment gateways, and enterprises to expand globally and provide international e-commerce merchants with access to Indian consumers.
  • Indian consumers will be able to shop online with merchants worldwide and pay safely and easily using RuPay cards and Unified Payments Interface (UPI).
  • UPI is India’s fastest-growing, real-time payment system that processes 60% of all domestic payments in India and 40% of instant payments processed globally

WhiteOak Capital Mutual Fund launches Multi-asset NFO with Old Tax benefits

Current Context: WhiteOak Capital Mutual Fund, it is an asset management company that provides investment management and advisory services for Indian equity.

About

  • It has recently launched a Balanced Advantage Fund, which is a hybrid scheme that invests in a mix of equity and debt instruments.
  • The fund also claims to offer old tax benefits under Section 112A of the Income Tax Act , which means that the long-term capital gains from equity investments are taxed at 10% only if they exceed Rs. 1 lakh in a financial year.

(LIC) has launched a Group Post Retirement Medical Benefit Scheme

Current Context: LIC (Life Insurance Corporation of India) has launched a new Group Post-Retirement Medical Benefit Scheme with effect from May 2, 2023.

Key Points

  • This is a non-linked, non-participating, life, group savings insurance product that helps employers to provide post-retirement medical benefits to their employees.
  • The scheme also offers a fixed life cover benefit (sum assured) to each member who dies while still in service before retirement.
  • Any employer with 50 or more employees can adopt the scheme.

RBI and Bank for International Settlements (BIS) launch G20 TechSprint

Current Context: RBI and BIS have launched the fourth edition of the G20 TechSprint Initiative, a global technology competition to promote innovative solutions aimed at improving cross-border payments, under India’s G20 presidency.

Key Highlights

  • The competition is open for developers from around the world and will focus on three problem statements on cross-border payments. The results will be announced at a final event in August or September 2023.
  • The winners for each problem statement will receive an award of INR 40,00,000 (approximately US$ 50,000).

India, Russia Agreed to Explore RuPay and Mir cards for Easy Payments

Current Context: India and Russia have agreed to explore the possibility of accepting each other’s payment cards, RuPay (India) and Mir (Russia), for hassle-free payments between the two countries.

Key Facts

  • This will facilitate transactions in Indian rupees and Russian rubles, making it easier for citizens of both countries to carry out cross-border payments.
  • They also agreed to explore the possibility of interaction between India’s Unified Payments Interface (UPI) and Russia’s Faster Payments System (FPS).
  • This is necessary to minimize the impact of sanctions imposed on Russia by the West.

This digest is not complete. Read the complete digest on the Financial Awareness Course.
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